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Subject:FinancePrice: Bought3
K. Decker, S. Rosen, and E. Toso are forming a partnership. Decker is investing $46,000 of personal cash to the partnership. Rosen owns land with a fair value of $13,800 and a small building with a fair value of $73,600, which she transfers to the partnership. Toso transfers to the partnership cash of $8,280, accounts receivable of $29,440, and equipment with a fair value of $35,880. The partnership expects to collect $26,680 of the accounts receivable.
Prepare the journal entries to record each of the partners' investments. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.)
Account Titles and Explanation
Debit
Credit
select an account title to record the investment of cash in business
Building
Cash
Equipment
K. Decker, Capital
Accounts Receivable
S. Rosen, Capital
E. Toso, Capital
Allowance for Doubtful Accounts
Land
enter a debit amount
enter a credit amount
select an account title to record the investment of cash in business
Cash
Land
Allowance for Doubtful Accounts
E. Toso, Capital
Building
K. Decker, Capital
Equipment
Accounts Receivable
S. Rosen, Capital
enter a debit amount
enter a credit amount
(Invest cash in business.)
select an account title to record the investment of land and building in business
Equipment
K. Decker, Capital
Accounts Receivable
S. Rosen, Capital
E. Toso, Capital
Allowance for Doubtful Accounts
Land
Building
Cash
enter a debit amount
enter a credit amount
select an account title to record the investment of land and building in business
Accounts Receivable
Allowance for Doubtful Accounts
S. Rosen, Capital
Cash
Building
K. Decker, Capital
E. Toso, Capital
Equipment
Land
enter a debit amount
enter a credit amount
select an account title to record the investment of land and building in business
Building
S. Rosen, Capital
E. Toso, Capital
K. Decker, Capital
Equipment
Accounts Receivable
Allowance for Doubtful Accounts
Cash
Land
enter a debit amount
enter a credit amount
(Invest land and building in business.)
select an account title to record the investment of assets in business
Land
Allowance for Doubtful Accounts
Equipment
E. Toso, Capital
Building
K. Decker, Capital
Accounts Receivable
Cash
S. Rosen, Capital
enter a debit amount
enter a credit amount
select an account title to record the investment of assets in business
Land
K. Decker, Capital
Allowance for Doubtful Accounts
E. Toso, Capital
Building
Cash
S. Rosen, Capital
Equipment
Accounts Receivable
enter a debit amount
enter a credit amount
select an account title to record the investment of assets in business
Building
S. Rosen, Capital
E. Toso, Capital
Land
Cash
Accounts Receivable
Equipment
K. Decker, Capital
Allowance for Doubtful Accounts
enter a debit amount
enter a credit amount
select an account title to record the investment of assets in business
Cash
Building
K. Decker, Capital
Land
S. Rosen, Capital
Allowance for Doubtful Accounts
Accounts Receivable
Equipment
E. Toso, Capital
enter a debit amount
enter a credit amount
select an account title to record the investment of assets in business
Accounts Receivable
Equipment
K. Decker, Capital
Cash
Land
Allowance for Doubtful Accounts
Building
S. Rosen, Capital
E. Toso, Capital
enter a debit amount
enter a credit amount
(Invest assets in business.)
eTextbook and Media
What amount would be reported as total partners' equity immediately after the investments?
Total partners' equity$
enter Total partners' equity in dollars
